Instruction no. 13/2018, of 19 September 2018 was published
recently and establishes procedures that financial and banking
institutions must comply with to identify the risk profile of their
clients in carrying out import and export of goods transactions.
The Instruction also addresses measures to prevent money
laundering, terrorism financing and underlying infractions (jointly
the "AML" rules) that must be applied to
clients classified as "high-risk".
Under the Instruction, banks must have "in-depth
knowledge" of the client's business model. The client must
provide and update information concerning: (i) the business model,
(ii) the main counterparties and countries, (iii) the goods and
services traded and (v) history and prospects for annual volume and
value of operations.
